At the end of the current year, an entity had various checks and papers in its safe. Which item should not be included in its cash account in the current year-end statement of financial position?

a. US $20,000 cash.b. Past due promissory note issued in favor of the entity by its President.c. Another entity’s P150,000 check payable to the entity dated December 15 of the current year.d. The entity’s undelivered check payable to a supplier dated December 31 of the current year.

A cash over and short accounta. Is not generally accepted.b. Is debited when the petty cash fund proves out over.c. Is debited when the petty cash fund proves out short.d. Is a contra account to cash.

Which of the following statements in relation to a certified check is false?a. A certified check is a liability of the bank certifying it.b. A certified check will be accepted by many persons who would not otherwise accept a personal

check.c. A certified check is one drawn by a bank upon itself.d. A certified check should not be included in the outstanding checks.

A proof of cash would be useful fora. Discovering cash receipts that have not been recorded in the journal.b. Discovering time lag in making deposits.c. Discovering cash receipts that have been recorded but have not been deposited.d. Discovering separation of incompatible duties of employees.